Despite the market downturn and the negative sentiment that spread in the industry following the FTX demise, on-chain data still shows why we are bullish on Bitcoin.
As Onchain analyst Will Clemente pointed out, it is enough to look at the positions of long-term Bitcoin holders. Bitcoin has reached an all-time high despite its lowest profitability ever.
“Long-term holders buy heavily in bear markets. They have set the floor[…] And those long-term holders distribute their holdings to new market participants in the bull market,” he told Cointelegraph in an exclusive interview.
In Clemente’s opinion, another positive trend to watch after the demise of FTX is that the average cryptocurrency user is increasingly turning his back on exchanges and self-managing his coins. is.
According to Clemente’s analysis, this is illustrated by an increase in capital outflow from exchanges to self-custody wallets and an increase in supply held by entities holding between 0.1 and 1 Bitcoin.
“These two metrics combined give us this picture of coins moving out of exchanges and into custodial wallets of the average retailer on a daily basis. he said.
Check out the full interview and don’t forget to subscribe to learn more about the positive signs after FTX’s collapse!
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